<h1>Indian stock markets rise 0.23% despite volatility as banking stocks rally on positive US sentiment</h1> Indian stock markets closed higher Friday despite volatile trading, with the benchmark index gaining 0.23% and the broader index rising 0.22%. Banking stocks led the rally amid positive US market sentiment. Major gainers included financial services, technology, and cement companies, while retail and steel stocks declined. Foreign investors sold equities worth approximately $17.5 million while domestic investors purchased $15.8 million. The market regulator imposed a record penalty of approximately $580 million on a US trading firm for alleged index manipulation through derivatives. Global oil prices fell over 1% to $68 per barrel.